Cairo- 02 March 2010: "Egypt is poised to become a major player in the global industrial glass manufacturing arena over the next 5 -10 years due its abundance of strategic natural resources and continued investments in advanced manufacturing technologies," said Sphinx Glass Managing Director, Mohamed Khattab on the sidelines of WinDoorEx 2010, the region's largest specialist trade show for doors, facades, technologies and equipment.
Sphinx Glass is in the process of commissioning a new world-class facility with licensed production technologies from PPG Industries Inc., a global market leader in high-quality float glass technology. When complete, the 220,000 square-meter state-of-the-art facility will have a production capacity of 200,000 tons per annum, making it a leading float glass manufacturer in Egypt.
Sphinx Glass, an official sponsor and leading participant in this year's WinDoorEx, presented an analysis of the industry and shared its vision for the future evolution of the sector. The presentation was given by Sphinx Glass' Commercial Director, Seppo Lautamaki, a 22-year veteran of the global glass industry with unparalleled expertise in glass machinery.
"Looking at the current state of the glass manufacturing sector and the steady growth it has enjoyed over the years, we see an opportunity for the sector to develop substantially over the next 5-10 years, largely through stronger investments in advanced manufacturing technologies and equipment that not only raise the sector's capacity potential, but also raise the quality benchmark to international standards," said Lautamaki. "If we look at Turkey for comparison and its glass processing and manufacturing boom in last 20 years, we see similar opportunities and growth possibilities in Egypt."
Sphinx Glass is a subsidiary of GlassWorks, a company established by Citadel Capital and a group of leading co-investors to pursue investments in the glass industry in Egypt and the MENA region. GlassWorks currently owns a 35% stake in Misr Glass Manufacturing S.A.E. (MGM), a leading manufacturer and exporter of glass containers in the Middle East and North Africa.
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